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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Schedule of valuation of securities using fair value hierarchy

The following table summarizes the valuation of USL’s securities at September 30, 2021 using the fair value hierarchy:

At September 30, 2021

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

95,796,000

$

95,796,000

$

$

Exchange-Traded Futures Contracts

United States Contracts

 

33,764,400

 

33,764,400

 

 

The following table summarizes the valuation of USL’s securities at December 31, 2020 using the fair value hierarchy:

At December 31, 2020

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

20,196,000

$

20,196,000

$

$

Exchange-Traded Futures Contracts

 

  

 

  

 

  

 

  

United States Contracts

 

36,882,450

 

36,882,450

 

 

Schedule of fair value of derivative instruments

Fair Value of Derivative Instruments

Condensed

Statements of

Fair Value at

Fair Value at

Financial

September 30, 

December 31,

Derivatives not Accounted for as Hedging Instruments

    

Condition Location

    

2021

    

2020

Futures - Commodity Contracts

 

Assets

$

33,764,400

$

36,882,450

Schedule of effect of derivative instruments

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the nine months ended

For the nine months ended

September 30, 2021

September 30, 2020

Change in

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Gain (Loss)

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Derivatives not Accounted for as Hedging Instruments

    

Income

    

Income

    

Income

    

Income

    

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

$

93,465,600

$

49,901,670

Change in unrealized gain (loss) on open positions

$

(3,118,050)

$

33,569,439